Economy Postfinance consumption indicator down significantly in July
Consumption in Switzerland fell significantly in July. According to the Postfinance consumption indicator, consumers spent significantly less money in the month under review than in the same month last year.
12.08.2024, 10:42
SDA
Adjusted for calendar effects, Swiss consumer spending in July 2024 was 2.4 percent lower than in July 2023, as the Swiss Post subsidiary announced on Monday. In the previous month (June), consumer spending had remained more or less stable compared to the previous year (+0.1%).
The slowdown was evident in all areas of consumption, according to the report. However, there was a conspicuous reduction in spending on everyday consumer goods, which are probably primarily being replaced by cheaper alternatives, according to the report. The willingness to spend on travel, on the other hand, remains high.
Travel spending remains high
According to the sub-indicators, consumer spending on everyday goods has recently fallen noticeably and is well below the level of the previous year. The decline was particularly evident in household items, but other segments, such as the knowledge sector, which includes newspapers and books, also recorded a decrease.
A certain reluctance on the part of the Swiss population can also be felt in the "beauty and wellness" segment. According to the report, spending on both beauty treatments and clothing has weakened recently.
According to Postfinance, spending on "fun and leisure" also declined slightly, which is reflected in spending on both sporting activities and personal hobbies. Compared to previous years, however, the level of expenditure is still solid.
Meanwhile, the Swiss population's spending on travel remains high. Spending in restaurants worldwide even increased slightly last month, according to the report. However, slightly less was spent on hotels.
Every month, Postfinance anonymously evaluates the payment transactions of its 2.5 million customers. The consumption indicator calculated from this shows consumer spending adjusted for sales day and public holiday effects in a year-on-year comparison or on a seasonally adjusted basis compared to the previous month for the sub-indicators "Everyday life & household", "Beauty & wellness", "Fun and leisure" and "Travel".
